Brokerage eToro in $10.4 Billion SPAC Deal with FinTech Acquisition

© Reuters

By Dhirendra Tripathi – FinTech Acquisition (NASDAQ:) shares were up over 6% in premarket trading Tuesday on reports Israel’s eToro has agreed to merge with the blank-check firm backed by banking entrepreneur Betsy Cohen.

FinTech is a special purpose acquisition company. A SPAC is a blank-check shell company that uses proceeds from an IPO to take private firms public.

The $10.4 billion deal is backed by SoftBank’s Vision Fund 2.

eToro, a private online stock brokerage, competes with Robinhood, a hugely popular platform with young investors for its easy-to-use interface. It also serves as on outlet for amateur traders itching to challenge Wall Street biggies.


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